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VIRTUAL PIGGY, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 1.01 Entry into a Material Definitive Agreement. The information provided in Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective November 26, 2012, Scott McPherson resigned from his position as Chief Financial Officer of Virtual Piggy, Inc. (the "Company"). Effective November 26, 2012, Joseph Dwyer, age 56, was appointed as the Chief Financial Officer of the Company. Prior to joining the Company, during 2012, Mr. Mr. Dwyer will receive an annual base salary of $250,000, and will be entitled to participate in the Company's health plan and other benefit plans available to employees of the Company. Although Mr. Dwyer's employment with the Company will be on an at-will basis, in the event that his employment is terminated involuntarily, other than for cause as defined in his offer letter, he will be entitled to a severance payment equal to six months of base salary and six months of Company provided benefits. In connection with his appointment, the Company granted Mr. Dwyer an option to purchase 1,000,000 shares of common stock at an exercise price equal to $1.20 per share, the last sales price of the Company's common stock on the date of grant. The option has a term of 5 years and vests in equal annual installments over a three year period, subject to acceleration upon a change of control transaction as defined in the option agreement. 2 --------------------------------------------------------------------------------A copy of Mr. Dwyer's offer letter is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. |